Don't miss our revealing research into the major challenges faced by AML departments regarding the prevention of money laundering and satisfying regulatory compliance requirements. According to respondents, the most difficult, industry-wide challenge is the lack of readily accessible data. This forces financial institutions to rely on the always awkward and often ineffective questioning of customers by employees.
Other challenges include the absence of standardization, time consuming manual processes, and a lack of regulatory consistency and management support. The result? Financial institutions are facing major headwinds in risk assessment and customer due diligence and aren't investing in the data, systems and other tools they need to build successful AML programs.